Report by KEC correspondent
The government has been forced to put the privatisation of Central Electronics Ltd (CEL) on hold by workers of CEL after the employees’ union approached the court against the sale of the company at a throw-away price to a company with no experience in activities of CEL.
The Secretary of the Department of Investment and Public Asset Management (DIPAM) informed that the sale of CEL at paltry price of Rs 210 crore to Nandal Finance & Leasing is being investigated.
The Letter of Intent (LoI) for sale of 100 per cent government shareholding in CEL to Nandal Finance & Leasing has also been put on hold.
The government had approved the sale of CEL, under the Department of Scientific and Industrial Research (DSIR), to Nandal Finance in November 2021 and the sale was to be completed by March 2022.
(Earlier reports on privatisation of CEL on AIFAP website: